Heat the olive oil in a large pan over medium heat. Add the chopped onion and bell peppers and cook for 5–7 minutes, or until softened.
Add the minced garlic and ground beef. Stir in the Worcestershire sauce and season with garlic powder, onion powder, salt, pepper, chili powder, paprika, oregano, parsley, and seasoned salt to taste. Cook until the beef is browned and cooked through.
Add the diced tomatoes, chicken broth, beef bouillon, and washed rice. Stir everything together until well combined.
Cover and cook over medium-low heat for about 20 minutes, or until the rice is tender and has absorbed the liquid.
Sprinkle the freshly grated cheddar cheese over the top. Cover and cook for about 2 minutes, or until the cheese is melted.
Serve warm.